Global Cerium Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Polishing, Catalyzing, Others), By End-User Industry (Glass, Automotive, Petroleum And Chemical Processing, Others), And By Geography - Forecasts From 2021 To 2026
- Published : Sep 2021
- Report Code : KSI061611173
- Pages : 120
The global cerium market is projected to grow at a CAGR of 4.21% during the forecast period to reach US$289.260 million by 2026, from US$217.182 million in 2019. Cerium is a Rare Earth metal element that tarnishes when exposed to atmospheric air. This element is extracted from the ores of Bastnasite and Monazite. Cerium is generally sold in oxide powder form. Cerium oxide is the crucial outlet of cerium having wider adaptability across several industry verticals. The oxide is used in glass and ceramics production, particularly as an addition to glass metal and ceramic glasses, refractory ceramics and glass polishing, catalysts, and others. In pure form, the metal is used in casting alloy, in addition to aluminum, iron, battery, magnesium, and vacuum alloy. The prime reason driving the market growth is the increased adoption of cerium oxide and ceramics across the glass, petroleum, refinery, and other industries. Robust growth in the end user's industry is projected to support the market growth during the forecasted period.
Increased global mining production of Rare Earth Elements is expected to increase the production of cerium.
One of the prime reasons driving the industry growth of cerium is the rising mining of rare earth metal globally. A report published by US Geographical Survey, in January 2021 states that the global mine production of Rare Earth metals has increased significantly from 190,000 metric tons in 2018 to 240,000 metric tons in 2020. China accounts for the largest production of Rare Earth metals, followed by the USA, Myanmar, and Australia. Increased production of rare Earth metals is expected to significantly contribute towards the production of cerium, and hence support the supply side market of the industry.
Furthermore, In China, the production quota of rare Earth Metals increased from 132,000 tons in 2019 to 140,000 metric tons in 2020, with 120,850 metric tons of light Rare Earth metals. In the USA, production increased from 18,000 metric tons in 2018 to 38,000 metric tons, while a rise was of 11% was observed in 2019. Myanmar is the 3rd largest Rare Earth mining country, with production increasing from 19,000 metric tons in 2018 to 30,000 metric tons in 2020. Australia is also a significant contributor to global Rare Earth elements mining. However, production decreased from 21,000 metric tons in 2018 to 17,000 metric tons in 2020 owing to a rising instance of forest fire in the country.
Robust growth in the end-uses industry is projected to provide significant market potential for the global cerium industry.
The global cerium industry, based on end-user industry, is segmented into glass, automotive, petroleum and chemical processing, and others. Cerium oxide is widely used across the glass industry vertical for polishing and catalysts. In the automotive industry, cerium is used in catalytic converters in cars, playing a crucial role in the chemicals reaction required by the converters. Cerium has the capability to escalate the durability of a catalyst installed in cars, in the unforeseen event of incomplete combustion cycles in the engine. Owing to the presence of cerium, cars converters are able to operate at a high temperature. It is anticipated that robust growth in the automotive sector will drive significant growth opportunities for cerium during the forecasted period. With the rise in disposable income, consumer ownership of cars has surged significantly, creating demand for cerium during production by the automotive industry.
In the petroleum and chemical industry, ceramic is widely used in catalyst and catalyst carriers, which perform the task of petroleum refining or chemical processing to manufacture fuels, polymers, pharmaceuticals, and bulk chemicals. Ceramics in the industry is also crucial for the filtration and separation process.
Asia Pacific cerium market is expected to show promising results and grow at a significant rate during the forecasted period.
The global cerium market, based on geography, is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. Asia Pacific cerium market is expected to show promising results and grow at a significant rate during the forecasted period. China, Australia, Myanmar, India, Thailand, and Vietnam are prime mining areas of cerium and account for 80.42% of global Rare Earth metal mining in the year 2020. (Source: USGS). The North American and African regions are expected to grow at a noteworthy level during the forecasted period.
The coronavirus pandemic negatively impacted the cerium market, decreasing the market considerably. Nationwide lockdown resulted in a halt in production across the industry verticals. The automotive industry was one of the seriously impacted industries. Data from OICA, production of the motor vehicles decreased from 91.786 million in 2019 to 77.621 million in 2020. The sales of vehicles also decreased from 90.423 million in 2019 to 77.971 million in 2020. Passenger cars were the wort hit sector with sales dropping to 53.598 million in 2020, from 63.730 million in 2019. The fall in the automotive industry decreased the demand for cerium significantly.
- May 2020. Production. Rainbow Rare Earth acquired 10 mining sites to increase its production of Cerium and Lanthanum, from the mines of Zimbabwe.
Global Cerium Market Scope:
|Market size value in 2019||US$217.182 million|
|Market size value in 2026||US$289.260 million|
|Growth Rate||CAGR of 4.21% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||NEO, Rainbow Rare Earths, Metall Rare Earth, Hefa rare Earth, Shepherd Chemical Company, American Elements|
|Customization scope||Free report customization with purchase|
Key Market Segments
- By Application
- By End-User Industry
- Petroleum and Chemical Processing
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the cerium market size by 2026?
A1. The global cerium market is projected to reach a total market size of US$289.260 million in 2026.
Q2. What are the growth prospects for the cerium market?
A2. The cerium market is projected to grow at a CAGR of 4.21% during the forecast.
Q3. What is the size of the global cerium market?
A3. Cerium Market was valued at US$217.182 million in 2019.
Q4. What factors are anticipated to drive the cerium market growth?
A4. The prime reason driving the cerium market growth is the increased adoption of cerium oxide and ceramics across the glass, petroleum, refinery, and other industries.
Q5. Which region holds the maximum market share of the cerium market?
A5. The Asia Pacific is expected to show promising results in the cerium market and grow at a significant rate during the forecasted period.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL CERIUM MARKET, BY APPLICATION
6. GLOBAL CERIUM MARKET, BY END-USER INDUSTRY
6.4. Petroleum and Chemical Processing
7. GLOBAL CERIUM MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Rainbow Rare Earths
9.3. Metall Rare Earth
9.4. Hefa rare Earth
9.5. Shepherd Chemical Company
9.6. American Elements
Rainbow Rare Earths
Metall Rare Earth
Hefa rare Earth
Shepherd Chemical Company
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